证券研究报告 | 公司点评报告 2025 年 08 月 26 日 三一重工（600031.SH） 利润弹性超预期释放，全球竞争力持续增强 中游制造/机械 事件：三一重工发布 2025 年中报，上半年，公司实现营业总收入 447.8 亿元， 同比+14.64%，归母净利润 52.16 亿元，同比+46%，扣非归母净利润 54.09 亿 元，同比+73.06%；单 Q2，公司实现营业总收入 236.03 亿元，同比+11.18%， 归母净利润 27.45 亿元，同比+37.76%，扣非归母净利润 30.06 亿元，同比 +68.91%。 ❑ 费用控制较好兑现，盈利能力与现金流表现优异。①盈利能力方面，公司上 半年实现毛利率、净利率 27.44%、11.87%，同比+0.74pct、+2.45pct，期间 费用率合计 12.26%，同比-4.78pct，其中管理、研发、财务费用率同比-0.55pct、 -1.86pct、-2.58pct，公司盈利能力提升显著主要得益于销售结构持续优化、 降本控费措施有力实施；②现金流方面，公司上半年实现经营性现金净流量 101.34 亿元，同比+20.11%，净现比达 1.92，公 ...

Q2 营收、净利高增，跨境电商与包装业务均表现亮眼。1)分季度： 本报告导读： 公司Q2 扣非净利增速123%，跨境电商及包装业务均表现亮眼，作为AI+电商的重要旗手、后续发展蒸 蒸日上。 投资要点： 维持增持。公 司H1 实现营收32.2 亿元/+31.8%，归母净利1.18 亿元/+63.3%，扣非净利1.13 亿 元/+79.4%。维持预测公司2025-27 年EPS 为0.61/0.83/1.09 元，增速51/37/31%；参考可比公司估值，给 予公司35 倍PE，上调目标价至21.35 元，维持增持。 风险提示：海外通胀及衰退风险，关税及贸易摩擦风险，新业务不及预期等，竞争加剧等。 Q1-2 营收增速分别11.6/55.5%，归母净利增速分别38.2/99.6%，扣非净利增速分别51/123.1%；2)H1 分 板块：①跨境电商营收21.2 亿元/+52.9%、归母净利0.55 亿元/+97.67%，独特的货找人模式、行业内的 深厚积淀、数智化技术优势、加速自有品牌的全球化布局共同驱动高增；②包装业务营收11.2 亿 元/+10.04%，归母净利0.76 亿元/+34.43%，市占率继续稳居国内纸 ...

8月22日，中国证监会公示《境外发行上市备案补充材料要求(2025年8月15日—2025年8月21日)》，证 监会国际司共对3家企业出具补充材料要求。其中要求杰华特补充说明公司基本情况、杰华特香港有限 设立的具体情况和披露情况等事项。据悉，2025年5月30日，杰华特向港交所递交上市申请，中信证券 为独家保荐人。 二、关于公司境外子公司，请说明：(1)杰华特香港有限设立的具体情况和披露情况；(2)杰华特香港有 限未履行境外投资备案程序和外汇登记程序不属于重大违法违规行为的明确依据；(3)杰华特香港有限 注销进展情况。 三、请说明公司及下属公司经营范围和实际业务经营是否涉及《外商投资准入特别管理措施(负面清单) (2024年版)》外资禁止或限制准入领域。 招股书显示，杰华特致力于成为全球模拟集成电路行业领军者。公司拥有涵盖工艺、集成电路设计和系 统定义在内的完整核心技术架构。公司的产品组合主要包括电源管理集成电路及信号链集成电路。截至 2024年12月31日，公司提供约2200款可供销售的集成电路产品型号，包括超过2000款电源管理集成电路 产品型号。根据弗若斯特沙利文的资料，2024年公司在电源管理集成电路产 ...

今年港股市场热火朝天，上半年募资总额已突破千亿港元，超越纳斯达克跃居全球第一！但热闹背后， 还是有不少企业折戟沉沙。究其原因，很多团队 首次接触港股规则，摸不透核心环节，总觉得 "看着复 杂，实操起来更头大"。 所以我们梳理了 香港上市的全部核心流程 ，今天就把其中的重点实操细节内容分享出来，帮助大家理 清思路： 一 上上上上上上上上市市市市市市市市前前前前前前前前准准准准准准准准备备备备备备备备阶阶阶阶阶阶阶阶段段段段段段段段 主要工作分为 5部分 ：必要的财务信息、确定目标资本结构、审核上市主体的股权结构和治理结构、 确定治理结构和董事会成员、审核管理层薪酬和员工激励计划。 二 上上上上上上上上市市市市市市市市执执执执执执执执行行行行行行行行阶阶阶阶阶阶阶阶段段段段段段段段 主要分为 3个主要步骤 ：召开全体启动大会，起草招股书，和递交上市申请。在全体启动大会召开完 毕，招股书撰写完成后，则进入递交上市申请的流程。 港股IPO流程： 递表→聆讯→路演→招股→公布配售结果→挂牌上市。 01 递表 拟上市公司委任保荐人及其他的顾问，进行尽职调查并协助 拟备招股书 ，然后递交给香港联交 所，提出上市申请，并支付 ...

Core Viewpoint - Junsheng Electronics, known as the "Merger King," is striving for a listing on the Hong Kong Stock Exchange, facing challenges such as high debt levels, profit pressure, and high customer concentration while being a leader in the smart cockpit domain control and automotive passive safety sectors [1][5]. Financial Risks - The asset-liability ratio of Junsheng Electronics is close to 70%, with short-term debts amounting to approximately 8.8 billion yuan, leading to significant repayment pressure [2][15]. - The company has faced scrutiny over the improper use of raised funds, raising compliance concerns [3][11]. - The goodwill risk remains significant, with accumulated goodwill from previous acquisitions reaching approximately 7.216 billion yuan, accounting for 11.25% of total assets [4][19]. Business Overview - Junsheng Electronics is attempting to open new financing avenues through an A+H share structure, with plans to raise funds for debt repayment, working capital, and technological development [5][20]. - The company has maintained stable revenue growth, with projected revenues increasing from 49.793 billion yuan in 2022 to 55.864 billion yuan in 2024, reflecting a compound annual growth rate of 5.9% [14]. Customer Concentration - In 2024, revenue from the top five customers totaled 26.614 billion yuan, accounting for 48% of total revenue, with the largest customer contributing 13.174 billion yuan, or 23.6% [16][18]. - The high concentration of customers poses risks, as fluctuations in demand from a single customer can significantly impact overall performance [16][20]. Goodwill and Compliance Issues - The company has faced compliance issues regarding the use of raised funds, which could undermine investor confidence in future financing [11][20]. - Past acquisitions have led to goodwill impairments, with a notable 2.02 billion yuan impairment recorded in 2021 due to underperformance of acquired entities [19]. Market Position and Competitive Landscape - Junsheng Electronics ranks as the second-largest supplier of automotive safety systems in China and globally, with a strong global presence and competitive advantages in product quality, reliability, and customer service [6][20]. - The automotive parts industry is highly competitive, with the top three suppliers in the global passive safety market accounting for approximately 91.9% of the total market size [20].

一、请说明你公司前身方格精密的设立情况及设立以来股本和股东变化情况。 二、请结合你公司实际控制人偿债能力等情况，补充说明本次发行完成前后，你公司控股股东和实际控 制人股权质押情况是否可能导致你公司控制权发生变化，是否导致你公司存在《境内企业境外发行证券 和上市管理试行办法》第八条规定的禁止性情形。 三、请说明你公司下属公司南通众格增值电信业务的开展和持证情况，以及本次发行上市前后是否持续 符合《外商投资准入特别管理措施(负面清单)(2024年版)》要求。 （原标题：新股消息 | 美格智能(002881.SZ)拟港股上市 中国证监会要求补充前身方格精密的设立情况 等事项） 智通财经APP获悉，8月15日，中国证监会公布《境外发行上市备案补充材料要求(2025年8月8日—2025 年8月14日)》。其中，证监会要求美格智能(002881.SZ)补充说明前身方格精密的设立情况等事项。据 悉，美格智能已于2025年6月18日向港交所主板提交上市申请，中金公司为独家保荐人。 证监会请美格智能补充说明以下事项，请律师核查并出具明确的法律意见： 资料显示，美格智能成立于2007年，于2017年6月22日在深交所上市，公司主 ...

证券研究报告 固收定期报告 / 2025.08.13 核心观点 两地上市转债会有条款上的问题吗 分析师 孙彬彬 SAC 证书编号：S0160525020001 sunbb@ctsec.com 分析师 隋修平 SAC 证书编号：S0160525020003 suixp@ctsec.com 分析师 李浩时 SAC 证书编号：S0160525080002 lihs@ctsec.com 相关报告 1. 《 近 期 境 外 债 有 什 么 新 关 注 ？ 》 2025-08-12 2. 《信用 | 加税落地，开始压利差？》 2025-08-10 3. 《期货｜关 注短线 反弹 的持续性》 2025-08-10 请阅读最后一页的重要声明！ ❖ 我们发现历史上境外有股票上市的转债，极少有下修并成功的情况。 2016 年至今，有境外股票上市的共 36 只转债。其中仅 2 家有过下修历史。 其中华友转债是瑞士 GDR 上市，电气转债是港股上市。 ❖ 目前整个转债市场中有 9 只转债在 A 股外有股份流通。其中港股上市 的公司包括南方航空、长城汽车、绿色动力、福莱特玻璃、重庆银行 5 家， 其中长城汽车在美国 OTC 市场也有股 ...

二、请公司补充说明最近12个月内新增股东入股价格的合理性，该等入股价格之间存在差异的原因，并 就是否存在利益输送出具明确结论性意见。 8月1日，中国证监会发布《境外发行上市备案补充材料要求(2025年7月25日—2025年7月31日)》，证监 会国际司共对9家企业出具补充材料要求。在公示中，证监会要求日御股份补充说明最近12个月内新增 股东入股价格的合理性、已实施的股权激励方案合规性等情况。据港交所5月29日披露，江苏日御光伏 新材料股份有限公司(简称：日御股份)向港交所主板递交上市申请，国泰君安国际为其独家保荐人。 中国证监会请日御股份补充说明以下事项，请律师核查并出具明确的法律意见： 一、请补充说明公司及下属公司经营范围是否涉及《外商投资准入特别管理措施（负面清单）（2024年 版）》领域。 招股书显示，日御股份是中国江苏省无锡市的一家导电银浆料与金属化浆料方案供应商，专注导电光伏 银浆制造和供应。凭借公司的研发实力和行业经验，公司能够生产用于各类型光伏电池的导电光伏银 浆，包括TOPCon电池、xBC电池及PERC电池。根据灼识咨询报告，公司是一家全球领先的导电光伏银 浆供应商，公司(i)按2022年至 ...

Core Viewpoint - Transsion Holdings, a budget smartphone manufacturer listed on the Shanghai STAR Market, is reportedly considering a secondary listing in Hong Kong with a potential fundraising target of up to $1 billion [2][3]. Group 1: Company Overview - Transsion Holdings has rapidly risen by focusing on budget smartphones priced between $100 and $200, establishing a dominant position in the African market and ranking among the top five global smartphone manufacturers [3][5]. - The company has faced challenges due to increased competition from domestic smartphone manufacturers in Africa and setbacks in new market expansions [3][6]. Group 2: Financial Performance - The company's revenue growth was robust until the first half of last year, achieving a 38% year-on-year increase to 34.6 billion yuan, but it experienced a significant downturn in the second half, with an 8.3% decline [7]. - In the first quarter of this year, Transsion reported a 25.5% year-on-year drop in revenue to 13 billion yuan, down from 17.4 billion yuan in the same period last year, and a 70% decline in net profit to 497 million yuan [7]. - The gross margin decreased from 21.4% to 19.3%, while competitors like Xiaomi and Apple reported gross margins of 22.8% and 35.9%, respectively [7]. Group 3: Market Challenges - Transsion's market share in Africa fell from 52% to 47% in the first quarter, ending a seven-quarter growth streak, while Southeast Asia and the Middle East saw declines of 20% and 30% in shipment volumes, respectively [7][8]. - The company is shifting its strategy from "growth at all costs" to pursuing higher-margin products, which may improve its situation in the second half of the year [8]. Group 4: IPO Considerations - Despite its current challenges, Transsion is encouraged by the booming IPO market in Hong Kong, which has attracted many Chinese companies for secondary listings [5][8]. - The potential Hong Kong listing could provide a new investment channel for investors in the Chinese smartphone manufacturing sector, although the company may need to issue shares at a price lower than its STAR Market valuation to raise the targeted $1 billion [8].

Core Viewpoint - The Hong Kong IPO market is experiencing a structural recovery in 2024, driven by policy benefits, improved liquidity, and heightened compliance challenges for companies seeking to go public [1] Group 1: Market Dynamics - Policy benefits are being released as the Hong Kong Stock Exchange optimizes listing rules, such as the 18C chapter for specialized technology companies, and lowers the threshold for technology enterprises, attracting sectors like biomedicine, AI, and new economy businesses [1] - Continuous inflow of southbound funds is improving liquidity, indicating a window for valuation recovery [1] - Compliance challenges are escalating, with stricter regulatory requirements on ESG disclosures, related party transactions, and the compliance of equity structures, leading to a reduced margin for error in the listing preparation process [1] Group 2: Training Program - A training program titled "Immersive Training for Breaking Through the Full Chain of Hong Kong Listing" is scheduled for August 2-3, 2025, in Shanghai, aimed at helping companies navigate the IPO process [1] - The program will cover strategic preparation, core documentation, valuation practices, compliance challenges, and post-listing value management [12][14][16] Group 3: Expert Instructors - The program features experienced instructors, including CFOs and lawyers with extensive backgrounds in Hong Kong IPOs and capital markets [2][5][7] - Instructors have been involved in successful IPO projects and possess deep knowledge of listing regulations, corporate governance, and information disclosure requirements [2][5][7]